Macro Tsimmis

intelligently hedged investment

Neurocrine Biosciences (NBIX) update #10

Posted by intelledgement on Wed, 29 Oct 08

The paint may be drying here at biopharma #2, Neurocrine Biosciences (NBIX), but it’s hard to tell. To be sure, another quarter has transpired, and the company is still tooling along on phase 2 trials of their GnRH antagonist candidate drug for fighting endometriosis, elagolix, still trolling for a partnership for that drug (evidently whatever specific agreement they were reportedly close to late in 2007 is now just a fond memory), still conducting seemingly endless funeral services for their failed sleep remedy drug, indiplon (they still await minutes of their July meetings with the FDA), and still producing red ink (although less so: they only lost $18MM in 3Qo8 compared to $21MM in each of the first two quarters of the year…the cost-cutting measures the new CEO instituted early this year appear to be bearing fruit). They now have $208MM of cash which appears to be about a two-year supply. Should get them through phase 2 testing of elagolix and hopefully by then there will be a partnership.

For more details check out yesterday’s press release and/or the conference call transcript.

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